As many may know, in recent years, cryptocurrency has been on the rise, serving as an untraceable way to buy and sell goods and services online, straying from the use of traditional money and normal banking methods. Cryptocurrency is a virtual or digital currency that can be used in the same way as regular money or your credit card can be used in many cases. Cryptocurrency is gaining popularity even more so these days, as more and more people are learning about it and learning how to not only obtain it, but how to use it properly.
BinaryCoin is hoping to be the world’s first cryptocurrency that combines all of the digitalized financial worlds into one single currency.
What Makes BinaryCoin Different?
BinaryCoin is hoping to connect cryptocurrency with binary options trading, and by doing so, they hope to connect all of the online financial worlds into a single currency in the coming months. They are currently available to purchase for as low as $.45 with an expected return of around $350 before the second half of 2018. They are hoping to make BinaryCoin the most well-known and most valuable cryptocurrency worldwide.
OPBinary was the company that created BinaryCoin in 2015, and they are supposedly partnered with highly ranked binary options brokers and investors. It is said to be the first platform that connects both cryptocurrency and binary options, two of the largest digital economies, with the support of a team of highly experienced members who are well educated on the current services and goods. They are looking to expand their community this promotional period (initial coin offering), so to speak.
Not only will BinaryCoin be a platform for binary trading options, it will also serve as a lending scheme. This promises to have a turn-around rate as high as 135% to those investors who allow people to borrow money over a 90 day span of time. Sounds pretty intriguing right?
What Is The BinaryCoin Initial Coin Offering?
Having started in October and ending November 30th, 2017, BinaryCoin is hosting their Initial Coin Offering. As mentioned above, you can purchase BinaryCoin tokens for as low as $.45 during this time.
There is currently a supply of ten million BinaryCoin tokens available. There are 9.5 million available for purchase through the initial coin offering, with the other 500 thousand being reserved for development applications and other things that will be needed as their website explains. The available BinaryCoin tokens are expected to rise to $1.25 per token by the end of this promotional period.
With that said, it is expected that by December 2017, 1 BinaryCoin Token is expected to be worth about $25. This will be when the tokens will be available on CryptoCompare and CoinMarketcap. The price is expected to steadily increase, jumping to $45 by the beginning of next year. By January, they hope to implement the “Anti Hack Mobile Wallet” which will be available for both Android and IOS and to be partnered with binary options brokers.
By the second quarter of 2018, OPBinary predicts that 1 BinaryCoin Token will be worth $350! That is a huge jump!
Another interesting aspect to consider is that BinaryCoin also has a referral system that can lead to you earning up to 20% of your referrals tokens just by referring them to their current initial coin offering.
Do We Know Who Is Behind BinaryCoin?
This is the truly baffling part, especially for those who steer clear of virtual currencies in fear of being scammed. When you search for a team or author or creator, you cannot find one. When searching their website, there are no links to team members or “About Us” pages available.
While OPBinary claims that BinaryCoin is a binary trading option that is fully functional, their website is buggy and when you do a little digging around, it certainly sounds like it is nothing but a pyramid scheme. When you do a quick online search to find out when the site was created, you can see that it was started in January of 2017, when they make claims to have been in the works since 2015.
Definitely something to consider before you purchase BinaryCoin tokens.
How Is BinaryCoin Supposed To Work?
BinaryCoin is an ERC20 token on the public Ethereum blockchain, meaning that it is built using Ethereum smart contracts.
Binary options are where people can bet on whether the price of something in particular will increase or decrease over time. This is why many people consider it a form of gambling. These days, it is extremely popular online and throughout the entire world. BinaryCoin hopes to bring something new to the table by using blockchain technology.
What does blockchain technology offer? Simply put, it offers security, decentralization and transparency. This seems to be one the driving forces with BinaryCoin. They are quoted to say that it is “The most intuitive, secure, and revolutionary binary option investment platform on the market.”
For investors, this means that they can have a platform in which they can trade binary with commodities, currencies, indices and stocks.
BinaryCoin hopes to partner with several other binary options trading platforms in the coming months as well as release an app which can be used on both IOS and Android, which was mentioned earlier and will be used to store a users BinaryCoin tokens.
Why A Lending System?
This is where it gets a bit confusing. When you look at what they are already offering, a lending system seems a bit odd. However, BinaryCoin offers packages known as “loan packages” which are available to investors ranging from $500 to $10,000.
There are also borrower rankings. The better your ranking is, the lower the cost for borrowing money. These loans range between 30 days, 60 days, and 90 days. Each period ranges between 30% ROI to 135% ROI. This means that investors can earn between 30% and 135% over a period of 30 to 90 days, simply by letting people borrow their money.
That seems almost too good to be true. The lending system is expected to be implemented by December of this year.
Created by OPBinary, BinaryCoin is a digital token, as well as a forex trading platform, and binary options trading platform. During their initial coin offering, the price of BinaryCoin tokens range from $.45 to $1.25, with prices expected to skyrocket after this promotional period.
With prices expected to rise to $350 by the second quarter of 2018, many find it somewhat suspicious. That is a huge jump from the original price of $.45, right? Many feel as if that expected jump in value is just a way to lure people into purchasing BinaryCoin tokens during their initial coin offering.
Another thing that is not clear is what binary options trading platforms are currently partnered with BinaryCoin or plan to in the future. Another troublesome bit is that there are no known developers or creators or managers and there is no known location for this company. The lending, referral and trading programs are also very loosely explained.
Overall, only time will tell if BinaryCoin is a legitimate company that truly has what they say they do to offer. While many are skeptical, some of their information seems very appealing to those looking to get into the world of cryptocurrency.